Item 5.03 Amendments to Articles of Incorporation or Bylaws
On July 29, 2020, Fifth Third Bancorp ("Fifth Third") filed a Certificate of
Amendment to its Amended Articles of Incorporation, as amended, of Fifth Third
for the purpose of fixing the designations, preferences, limitations and
relative rights of the 4.500% Fixed-Rate Reset Non-Cumulative Perpetual
Preferred Stock, Series L no par value, $25,000 liquidation preference per share
("Series L Preferred Stock"). The Certificate of Amendment became effective upon
filing, and a copy of the Certificate of Amendment is filed as Exhibit 4.1 to
this Form 8-K.
Item 8.01 Other Events
Offering of Depositary Shares Representing Series L Preferred Stock. On July 30,
2020 Fifth Third closed the sale of 350,000 depositary shares, $1,000
liquidation preference per depositary share ("Depositary Shares"), each
representing a 1/25th ownership interest in a share of Series L Preferred Stock
(the "Depositary Shares Offering"). The net proceeds from the Depositary Shares
Offering after estimated expenses and underwriting discounts to be paid by Fifth
Third totaled approximately $345,710,320.
On July 27, 2020, Fifth Third entered into an Underwriting Agreement (the
"Underwriting Agreement") with Morgan Stanley & Co. LLC, Citigroup Global
Markets Inc., Fifth Third Securities, Inc., and RBC Capital Markets, LLC, as
representatives of the several underwriters, for the Depositary Shares Offering.
The Depositary Shares Offering is described in Fifth Third's prospectus
supplement dated July 27, 2020, together with the related prospectus dated
March 28, 2019, filed with the Securities and Exchange Commission under Rule
424(b) on July 29, 2020.
The following documents are being filed with this Form 8-K: (i) the Underwriting
Agreement as Exhibit 1.1; (ii) the Deposit Agreement dated as of July 30, 2020
among Fifth Third Bancorp, as issuer, and American Stock Transfer & Trust
Company, LLC, as depositary, transfer agent and registrar, and the holders from
time to time of depositary receipts issued thereunder as Exhibit 4.3; (iii) the
form of Certificate representing shares of Series L Preferred Stock as Exhibit
4.2; (iv) the form of Depositary Receipt as Exhibit 4.4; and (v) the related
legal opinion as Exhibit 5.1.
The Underwriting Agreement contains various representations, warranties and
agreements by Fifth Third, conditions to closing, indemnification rights and
obligations of the parties, and termination provisions.
The Deposit Agreement sets forth the various rights and obligations of the
parties thereto and establishes the relationships between the issuer, the
depositary, the transfer agent and registrar.
The descriptions of the Underwriting Agreement, the Deposit Agreement and the
Certificate of Amendment to Fifth Third's Amended Articles of Incorporation, as
amended, and other documents relating to this transaction do not purport to be
complete and are qualified in their entirety by reference to the full text of
such securities and documents, forms or copies of which are attached hereto as
exhibits and are incorporated herein by reference.
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The Depositary Shares being sold in the Depositary Shares Offering and the
related shares of Series L Preferred Stock were registered by Fifth Third
pursuant to an automatic shelf registration statement on Form S-3 (SEC File
No. 333-230568) filed with the Securities and Exchange Commission on March 28,
2019.
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Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibits below relate to Registration Number 333-230568 on Form S-3 of Fifth
Third Bancorp and are filed herewith for incorporation by reference in such
Registration Statement:
1.1 - Underwriting Agreement dated as of July 27, 2020 among Fifth Third
Bancorp, Morgan Stanley & Co. LLC, Citigroup Global Markets Inc., Fifth Third
Securities, Inc., and RBC Capital Markets, LLC.
4.1 - Certificate of Amendment to the Amended Articles of Incorporation, as
amended, of Fifth Third Bancorp with respect to its 4.500% Fixed-Rate Reset
Non-Cumulative Perpetual Preferred Stock, Series L.
4.2 - Form of Certificate Representing the 4.500% Fixed-Rate Reset
Non-Cumulative Perpetual Preferred Stock, Series L.
4.3 - Deposit Agreement dated as of July 30, 2020 among Fifth Third Bancorp,
as issuer, and American Stock Transfer & Trust Company, LLC, as depositary,
transfer agent and registrar, and the holders from time to time of depositary
receipts issued thereunder.
4.4 - Form of Depositary Receipt (included as Exhibit A to Exhibit 4.3).
5.1 - Opinion of Graydon Head & Ritchey LLP regarding legality of Depositary
Shares and Series L Preferred Stock.
23.1 - Consent of Graydon Head & Ritchey LLP (included in opinion filed as
Exhibit 5.1).
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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